Marzian, Johannes; Trebesch, Christoph - 2025
Europe must rapidly increase its military spending, but how? We collect 150 years of data to study what governments in … buildup, the more dominant debt financing has been. In line with history and theory, Germany and Europe should again rely on … spending. Fiscal rules must not stand in the way of the defence of Europe. A warning example is the case of the UK in the 1930s …